Here are the island wide Maui sales stats for homes and condos for November, 2020. The sales stats are for homes and condominiums sold on Maui through October, 2020. The amount of single family homes that sold in October decreased slightly compared to September and was 7.7% lower than October 2019. During October the median sale price for homes increased compared to September. Inventory for single family homes has continued to decrease which is fueling demand and a steady increase in values during 2020. The amount of condominiums that sold in October increased significantly compared to September. Although condominium sales increases in October compared to September the amount of condominium sales on Maui during October was 9% lower than October 2019. During October the median sale price for condos increased significantly compared to September.
*COVID-19 continues to impact the Maui Real Estate Market. It is too early to tell how it may affect the local housing market longterm. Over the last seven months we have seen home and condominium sales decrease. Home sales have rebounded the past four to five months, but condo sales are very low compared to what we typically see. With Real Estate Agents considered nonessential throughout Maui County through parts of March and April no showings of homes or condominiums were allowed. This affected pending sales for March and April, 2020 and closed sales starting in April and May, 2020. We have seen a decrease in new listing activity for homes and a large increase in new listing activity for condominiums. Trends are just now starting to show the affect COVID has had on Maui real estate sales. These trends are showing that home values have remained strong due to low inventory levels. Condo sales are way down, condo values decreased three out of the last seven months, and condominium inventory is increased significantly.
Single Family Homes:
In October 96 single family homes sold with a median price of $867,500 and an average price of $1,224,740. At the end of October there were 338 single family homes for sale on Maui which is approximately 3.8 months of inventory. During October 2019 there were 488 homes for sale. The amount of homes for sale on Maui has decreased 30.7% over the past year. Demand for Maui homes is high and inventory is low. This is pushing values up.
Through October 848 single family homes have sold with a median price of $786,125 and an average price of $1,104,887. The median sale price has increased 5.9% during 2020. The average sale price has increased 2.2% during 2020. The average Days On Market for sold homes on Maui is 138 during 2020. Maui homes are selling for an average of 97% of list price during 2020.
2019 Home Sales: 1,117 single family homes sold with a median price of $741,355 and an average price of $1,081,560. The median sale price increased 4.4% during 2019. The average sale price increased 5.4% during 2019. The average Days On Market for sold homes on Maui was 133 during 2019. Maui homes sold for an average of 96.7% of list price during 2019.
**Home sales on Maui decreased significantly in May compared to April, partially rebounded in June, and have returned to almost normal since July. Median home values are continuing to increase. Inventory levels are slowly decreasing which is likely helping to keep home values stable. Concerns over the economy have likely been a factor contributing to the low inventory. I have seen more homes than usual priced below $700K listed for sale the last six months. These may be homeowners who need to sell and have priced their homes below market value for a quick sale. If this is the case, we could possibly see home values start to decrease until the local economy starts to recover and residents are able to go back to work. There are concerns that impacted homeowners may not be able to pay their mortgages and we could even see some homeowners start losing their homes. At this time home values are still continuing to increase on Maui while inventory continues to decrease. As long as inventory for single family homes remains low we can expect home values on Maui to continue to increase.
***Tourism on Maui opened back up October 15, 2020. According to the State of Hawaii, if all goes well it may take as many as three years for tourism to return to pre COVID levels. It may take many months before we start to see how tourism may impact the Maui housing market.
Condominiums:
In October 121 condominiums sold with a median price of $587,800 and an average price of $914,173. At the end of October there were 758 condominiums for sale on Maui which is approximately 7.6 months of inventory. The amount of condominiums for sale on Maui has increased 49.2% over the past year. October was one of the best months for condominium sales on Maui since the start of COVID.
Through October 1,036 condominiums have sold with a median price of $565,000 and an average price of $802,326. The median sale price has increased 9.6% during 2020. The average sale price has increased 14.5% during 2020. The average Days On Market for sold condominiums on Maui is 146 during 2020. Maui condos have sold for an average of 97.2% of list price during 2020.
2019 Condo Sales: 1,606 condominiums sold with a median price of $515,500 and an average price of $700,943. The median sale price increased 7.7% during 2019. The average sale price increased 3.1% during 2019. The average Days On Market for sold condominiums on Maui was 138 during 2019. Maui condos sold for an average of 97.5% of list price during 2019.
**Condominium sales on Maui rebounded in October after several months of sluggish sales compared to what we would normally see. Although Maui condo sales improved during October, sales for the year are way down and surprisingly median condo values overall are up compared to 2019. With that being said we have seen condo values down three out of the last seven months. Maui condos are often purchased as second properties or investment properties. Reduced flights and previously required quarantine had prevented many buyers from being able to travel to Maui to view properties. Concerns over the economy has affected both pending and recent condominium sales on Maui. Condo inventory is way up with 7.6 months of inventory at this time. During October 2019 there was 3.9 months of inventory. With the amount of inventory and reduced demand we are on the cusp of seeing a buyers market for Maui condominiums. If tourism does not return to normal levels on Maui there is a possibility that we could see condominium prices decrease and there is the very real potential of owners losing properties due to foreclosure if they cannot generate rental income to assist with covering mortgage payments.
***Tourism on Maui open back up starting October 15, 2020. If all goes well it may take as many as three years for tourism to return to pre COVID levels. It may take many months before we start to see an improvement in the Maui condominium market even with tourism slowly returning.
